Your First Meeting With a Mortgage Professional

The loan approval process begins when you have a meeting with a mortgage professional. This may be a face to face meeting or perhaps on the phone.

During this meeting, the mortgage professional will interview you to discover what you’re looking to accomplish when buying a home. She wants to know about your job history, current debt situation and credit file.

Only after you have learned what questions you want to ask should you have this meeting with a mortgage professional. By surfing the many pages on this website you can become armed with all you need to know.

The mortgage person will be able to know by your answers what loan program will best fit your needs. Be completely forthright in this interview because everything you say will have to be backed up with documentation.

She will have to verify your long term debt by pulling a tri-merge credit report. On this credit report the complete history of how you handled your finances in the past will be revealed.

Once the credit report has been done then income will need to be verified. The best scenario would be a perfect 2 years of job history with the same employer. Be prepared to provide the last 2 years of W-2 statements, and the last 4 paycheck stubs with YTD figures on them.

Below you’ll find a list of documents needed to complete your loan application:

DOCUMENT LISTS (SUPPLY FOR ALL BORROWERS IF JOINT APPLICATION)

• COPY OF DRIVERS LICENSE and SOCIAL SECURITY CARD

• LAST 2 YEARS of W-2’S for all EMPLOYERS

• LAST 2 MONTHS BANK STATEMENTS W/ALL PAGES

• LAST 4 PAYSTUBS

• LAST STATEMENT FOR ALL STOCK, IRA AND 401K ACCOUNTS

• LANDLORD NAME & PHONE IF RENTING

• LETTERS FROM ENERGY PROVIDER, CELL PHONE CO., WATER DEPT, PHONE CO., IF WE’RE USING ALTERNATIVE CREDIT

NOTE: PLEASE PROVIDE ALL DOCUMENTS ON LETTERHEAD FOR THE INSTITUTIONS WHERE YOU HOLD THE ACCOUNTS. COMPUTER PRINTOUTS FROM ONLINE ARE NOT ACCEPTED BY UNDERWRITERS.

With all of these documents the mortgage professional will be able to determine if you qualify for a home loan right away. This is called pre-qualification. He/She now has a complete picture to look at as she begins to match you with a loan program.

Now by your having all of these documents ready when meeting with a mortgage professional the process can go much quicker.

Please feel free to request our FREE 14pg Guide “10 Critical Steps for First Time Home Buyers” before you meet with a mortgage professional so you can be well informed.

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